Legal & General is now a registered provider of social housing and will “significantly accelerate” developing, holding and managing schemes where regulated status is required.
Confirmation came today (10th Dec) that subsidiary Legal & General Affordable Homes Limited – launched in April this year – has won Registered Provider (RP) status.
Registration by the Regulator of Social Housing represents a significant milestone in Legal & General Affordable Homes’ business plan, allowing it to hold and manage regulated affordable housing assets.
The registration means Legal & General Affordable Homes can now significantly accelerate its business plan of developing, holding and managing a blend of affordable housing tenures where the regulated status is required.
These include both social and affordable rent and shared ownership homes under grant-supported and Section 106 schemes.
The registration also represents a milestone for the sector, highlighting the important role institutional capital and new funding streams will have in increasing housing output to address this major societal issue.
Simon Century, Head of Affordable Housing at Legal & General Capital, said affordable housing has been a “classic example” of where a lack of new capital has had a big impact on hampering overall provision.
“Over 1.3 million households are on social waiting lists and the required provision is rising year on year – this is not a sustainable position.
“We are very much looking forward to getting on with the job and working towards delivering our first sites soon,” he said.